2 years ago

£2000 has an interest of 3% per annum. what will the balance be in two years?

1 answer:

7 0

Answer:

Enzo, the purpose of this forum is not to give out answers, but to help you understand how to solve the problem.
Compounded annually: Account Balance = Principal x (1 + interest rate (decimal))^number of years. With the given information this is: 2000 (1.03)^2 = 2,121.80. So you will earn 121.80 in interest after 2 years on your original 2000 deposit.

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